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What is a competitive analysis and what is its purpose?


PrimeItSolution

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The purpose of competitor analysis is to evaluate you rival's strengths and weaknesses, assess their current position in the market to enable you to outperform them. Once you learned about their strengths and weaknesses, it will allow you to formulate your own strategy and get your own share in the market.

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Competitive analysis becomes more and more important. Most companies conduct competitive analysis at product levels, Strategic business unit level or even at company level.

Because of its very nature, competitive analysis can be applied to all the different factors which make up an organization. And hence, the objectives of competitive analysis are broad, yet most useful for a start-up firm as well as a large organization.

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  • 2 weeks later...

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